Artificial Intelligence (AI) in Agriculture Market By Component (Solution, Services), By Technology (Machine Learning, Computer Vision, Predictive Analysis) By Application (Soil Monitoring, Livestock Health Monitoring, Intelligent Spraying, Drone Analytics, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
The AI in agriculture market was valued at $2.3 billion in 2023 and is estimated to reach $14.6 billion by 2032, exhibiting a CAGR of 23.2% from 2024 to 2032.
The integration of AI in agriculture focuses on enhancing various aspects of farming and agricultural practices. By adopting precision farming, making decisions based on data and utilizing advanced analytics with machine learning algorithms and other AI tools, farmers gather and analyze extensive data concerning their crops, including weather conditions, soil quality, and plant development. This empowers farmers to boost crop production, minimize wastage, and improve profitability through the optimization of farming processes.
The global AI in agriculture market is witnessing notable growth due to several factors such as advancements in AI and data analytics and government support and initiatives such as funding R&D projects and partnering with tech firms to innovate agricultural field. Furthermore, dependence on advanced technology for farming solutions that optimize agricultural practices, improve productivity, and ensure food security is expected to propel the market. One of the major trends is the launch of an expert GenAI system to benefit farmers and up-level agronomists in their daily work. It has been using proprietary agronomic data to train a large language model with years of internal data, insights from thousands of trials within its vast testing network, and centuries of aggregated experience globally.
However, high cost of initial development restrains the development of the market. Nevertheless, surge in demand for precision farming solutions is expected to provide ample opportunities for the market growth during the forecast period. In November 2023, GrubMarket launched the Farm-GPT, a groundbreaking new generative AI product, designed to empower American farmers and growers with valuable data-driven insights for maximizing profits and optimizing crop selection. Farm-GPT harnesses the power of advanced AI and leverages the latest available pricing data from both the USDA and proprietary sources to assist farmers in making informed decisions about which commodities to cultivate based on market demand and revenue potential.
Segmentation OverviewThe AI in agriculture market is segmented into component, technology, application, and region. Depending on the component, the market is divided into solution and services. As per technology, it is segregated into machine learning, computer vision, and predictive analysis. According to the application, it is classified into crop and soil monitoring, livestock health monitoring, intelligent spraying, drone analytics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsBy component, the solution segment held the highest share in the market in 2023.
Depending on technology, the predictive analysis segment acquired the maximum share in the market in 2023.
According to the application, the drone analytics segment was the major shareholder in 2023.
Region wise, North America dominated the AI in agriculture market in 2023.
Competitive AnalysisThe major players operating in the AI in agriculture market include Microsoft Corporation, IBM Corporation, Gamaya, Taranis, PrecisionHawk, Corteva, ec2ce, Prospera Technologies, Ltd., Valmont Industries, and Climate LLC. These market players have adopted different strategies and techniques, including promotions, partnerships, collaborations, mergers & acquisitions, and advertising to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentSolution
Services
By TechnologyMachine Learning
Computer Vision
Predictive Analysis
By ApplicationSoil Monitoring
Livestock Health Monitoring
Intelligent Spraying
Drone Analytics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Colombia
Rest of Latin America
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of MEA
Key Market Players
Microsoft Corporation
IBM Corporation
Gamaya
Taranis
PrecisionHawk
Corteva
ec2ce
Prospera Technologies, Ltd.
valmont industries
Climate LLC